"During the third quarter, we realized the benefits of our focused strategy with lower operating costs and increased sales of our renewable products. Our technology improvements continue and our commercialization activities remain on track," said John Melo, President & CEO of Amyris.

"Amyris's industrial-scale farnesene production facility at Paraíso is in the final stages of a successful commissioning and we remain confident about commercial production in early 2013," Melo concluded.

FINANCIAL RESULTS

Aggregate revenues for the quarter ended September 30, 2012 were $19.1 million versus $36.3 million in the third quarter of 2011. The decline in revenue was due to the Company's planned transition out of the ethanol and ethanol-blended gasoline business, which is now complete. Partially offsetting this decline were increased revenues from renewable products sales and collaborations, primarily related to the amendment of the Company's collaboration agreement with Total.

Total research & development and sales, general & administrative expenses declined 26% to $33.1 million for the quarter from the same quarter the prior year primarily due to lower compensation and benefits expense.

GAAP net loss attributable to common stockholders for the quarter was $20.3 million ($0.34 per share) compared to a loss of $43.7 million ($0.97 per share) in the same quarter of 2011. On a non-GAAP basis, excluding non-cash items such as stock-based compensation, the net loss attributable to common stockholders was $12.9 million ($0.22 per share) compared to $36.8 million ($0.82 per share) in the prior year. A reconciliation of GAAP to non-GAAP results is included in this release.

The Company's balance of cash, cash equivalents and short-term investments at the end of the third quarter was $44.4 million.

CONFERENCE CALL

Amyris will discuss these results and provide a business update, including funding requirements, in a conference call scheduled for today at 5:00 pm ET (2:00 pm PT). Investors may access a live audio webcast of this conference call and the earnings call presentation in the investor relations section of the Company's website at http://investors.amyris.com. A replay of the webcast will be available on the investor relations section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 60 calendar days.

About Amyris

Amyris is an integrated renewable products company focused on providing sustainable alternatives to a broad range of petroleum-sourced products. Amyris uses its industrial synthetic biology platform to convert plant sugars into a variety of molecules -- flexible building blocks that can be used in a wide range of products. Amyris's initial portfolio of commercial products is based on Biofene®, Amyris's brand of renewable farnesene, a long-chain hydrocarbon. Amyris is commercializing these products both as No Compromise® renewable ingredients in cosmetics, flavors and fragrances, polymers, lubricants and consumer products, and also as No Compromise renewable diesel and jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the establishment and expansion of Amyris's production in Brazil. More information about Amyris is available at www.amyris.com.

This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as commercialization activities, commissioning of a planned production facility, and commercial production commencement) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including those associated with any delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10-Q filed on August 8, 2012. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Information

Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. The non-GAAP financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management's internal comparisons to Amyris's historical performance as well as comparisons to the operating results of other companies. In addition, Amyris believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Amyris's operating performance. Reconciliation between GAAP and non-GAAP financial information is provided in the financial statement tables below.

Amyris, the Amyris logo, Biofene and No Compromise are trademarks or registered trademarks of Amyris, Inc.

Amyris, Inc.

Condensed Consolidated Statement of Operations

(Unaudited)

(In thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2012

2011

2012

2011

Revenues

Product sales

$ 4,728

$ 31,162

$ 46,615

$ 92,998

Grants and collaborations revenue

14,380

5,114

21,225

12,454

Total revenues

19,108

36,276

67,840

105,452

Costs and operating expenses

Cost of products sold

4,444

35,729

71,891

99,247

Loss on purchase commitments and write off of production assets

1,438

--

38,090

--

Research and development (1)

15,736

23,441

55,580

66,622

Sales, general and administrative (1)

17,355

21,174

61,301

59,401

Total costs and operating expenses

38,973

80,344

226,862

225,270

Loss from operations

(19,865)

(44,068)

(159,022)

(119,818)

Other income (expense):

Interest income

297

609

1,406

1,250

Interest expense

(1,224)

(291)

(3,538)

(1,172)

Other income (expense), net

664

310

(512)

160

Total other income (expense)

(263)

628

(2,644)

238

Loss before income taxes

(20,128)

(43,440)

(161,666)

(119,580)

Provision for income taxes

(260)

(474)

(753)

(299)

Net loss

$ (20,388)

$ (43,914)

$ (162,419)

$(119,879)

Net loss attributable to noncontrolling interest

95

224

772

437

Net loss attributable to Amyris, Inc. common stockholders

$ (20,293)

$ (43,690)

$ (161,647)

$(119,442)

Net loss per share attributable to common stockholders, basic and diluted

$ (0.34)

$ (0.97)

$ (2.91)

$ (2.68)

Weighted-average shares of common stock outstanding used in computing net loss per share of common stock, basic and diluted

58,964,226

45,031,613

55,552,949

44,507,686

(1) Includes stock-based compensation expense of the following for the periods presented:

Research and development

$ 1,450

$ 1,711

$ 4,521

$ 4,697

Sales, general and administrative

4,515

5,162

16,879

14,139

$ 5,965

$ 6,873

$ 21,400

$ 18,836

Amyris, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

September 30,

December 31,

2012

2011

Assets

Current assets:

Cash, cash equivalents and short-term investments

$ 44,429

$ 103,592

Accounts receivable, net

3,807

6,936

Inventories, net

8,311

9,070

Prepaid expenses and other current assets

9,995

19,873

Total current assets

66,542

139,471

Property and equipment, net

164,703

128,101

Restricted cash

954

--

Other assets

20,133

43,001

Goodwill and intangible assets

9,248

9,538

Total assets

$ 261,580

$ 320,111

Liabilities and Equity

Current liabilities:

Accounts payable

$ 18,374

$ 26,379

Deferred revenue

1,532

3,139

Accrued and other current liabilities

24,061

30,982

Capital lease obligation, current portion

1,871

3,717

Debt, current portion

2,121

28,049

Total current liabilities

47,959

92,266

Capital lease obligation, net of current portion

1,495

2,619

Long-term debt, net of current portion

103,289

13,275

Deferred rent, net of current portion

8,886

9,957

Deferred revenue, net of current portion

4,396

4,097

Other liabilities

18,893

37,085

Total liabilities

184,918

159,299

Amyris, Inc. stockholders' equity

77,465

161,052

Noncontrolling interest

(803)

(240)

Total stockholders' equity

76,662

160,812

Total liabilities and stockholders' equity

$ 261,580

$ 320,111

Amyris, Inc.

Supplemental Consolidated Financial Information

(Unaudited)

(In thousands, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2012

2011

2012

2011

Other Selected Financial Information:

Capital expenditures and deposits on property and equipment

$ 5,541

$ 40,769

$ 50,906

$ 71,248

Depreciation and amortization

$ 3,179

$ 2,897

$ 10,686

$ 7,728

Product sales

Ethanol and Ethanol-blended Gasoline

$ 1,657

$ 31,096

$ 38,836

$ 92,900

Renewables

3,071

66

7,779

98

Total product sales

$ 4,728

$ 31,162

$ 46,615

$ 92,998

Reconciliation of GAAP to Non-GAAP Net Loss Per Share:

Net loss attributable to Amyris Inc., common stockholders (GAAP)

$ (20,293)

$ (43,690)

$ (161,647)

$ (119,442)

Stock-based compensation expense

5,965

6,873

21,400

18,836

Loss on purchase commitments and write off of production assets

1,438

--

38,090

--

Net loss attributable to Amyris Inc., common stockholders (Non- GAAP)

$ (12,890)

$ (36,817)

$ (102,157)

$ (100,606)

Net loss per share attributed to common stockholders

basic and diluted (GAAP)

$ (0.34)

$ (0.97)

$ (2.91)

$ (2.68)

Stock-based compensation expense

0.10

0.15

0.39

0.42

Loss on purchase commitments and write off of production assets

0.02

--

0.68

--

Net loss per share attributed to common stockholders, basic and diluted (Non-GAAP)